Tuesday 15th July, 2014

Businesses across Europe can achieve a 60 to 80 per cent cost saving by adopting e-invoicing, compared to traditional paper-based processes, reveals a new report by Ricoh Europe. Published by Billentis, the report highlights how the typical payback period from the point of implementation is between six to 18 months.

The report predicts that nearly one quarter (24 per cent) of all bills and invoices will be processed electronically this year, with around six billion paperless invoices and bills to be exchanged across Europe. It also anticipates a 22 per cent annual increase in e-invoicing and e-billing in business and government sectors. The main reason for this rapid acceleration is based on financial pressures, with all markets surveyed naming cost reduction as a top factor for adopting e-billing and e-invoicing processes.

The European Commission has exemplified the substantial cost savings that can be achieved across the EU by adopting e-invoicing technology. The Commission recently highlighted how each year Danish taxpayers save €150 million and local businesses reduce costs by €50 million thanks to e-invoicing. Meanwhile in Italy, using e-procurement saves over €3 billion. The Commission also points out that, if implemented across the EU, the use of e-invoicing in public procurement could save up €2.3 billion a year.

Martin Hurley, Vice President and General Manager, Outsourcing Services Ricoh Europe, says: "E-invoicing directly supports the European Union’s Digital Agenda and its goal to create a paperless public administration across the continent. This is a positive acknowledgement of the progress being made on a pan-European level, and one that can help to bring organisations closer in creating a true digital single market in the EU."

He added: "The Billentis Report notes that SMEs in particular are recognising the need for new solutions to manage billing and invoicing in order to meet customer demands, remain competitive and keep costs low."